New York Legislators Take Aim At Interest Loophole

[Lodestar]

A number of progressive groups in the New York State assembly are working to close what they call the carried interest loophole.

Assemblymen have started a campaign to close the loophole, which allows hedge fund managers to pay far less federal tax on a large proportion of their income. The state politicians are due to introduce a bill this Monday which would raise taxes on residents who currently pay less federal tax, writes Noam Scheiber for The NYTimes.

http://www.nytimes.com/2016/03/07/business/new-york-legislators-plan-to-introduce-measure-on-carried-interest-tax.html?_r=0

[Yuugal]

1. Noone believes this I hope.

I'm sure they might pass some crap or other but it will be changed or repealed two seconds later. When have the rich ever paid their share in our lifetimes? NEVER.

[monicaangela]

2. Yep,

the loophole will spawn several new loopholes to re-open the loophole...it just gets so complicated when corruption at the highest levels are firmly set in place.

[Smarmie Doofus]

3. Worth keeping an eye on. NT